Individual Voluntary Arrangement - IVA

Use our confidential online chat to check if you qualify for an IVA.

What is Individual Voluntary Arrangement?

An Individual Voluntary Arrangement is a legally binding way to stop demands for payment from creditors and allow you to reschedule your debts into a more manageable monthly payment.

An Individual Voluntary Arrangement (IVA) stops creditors from forcing you to sell your home, car or other assets in order to repay them.
An Individual Voluntary Arrangement puts an end to late payment penalties, and even puts a cap on your debt.
In an IVA you'll know exactly how much needs to be repaid each month and can start a manageable repayment programme.
Also, and this is important, an IVA stops companies from taking legal action against you. So you can stop worrying about bailiff visits or the possibility of bankruptcy. It includes your loans, credit cards, store cards and other unsecured debts in full.
At the end of the IVA, usually after 5 years, all debts will be completely cleared!
We don't charge any fees upfront and we will talk to your creditors to work out a new payment schedule that works for you and for them.

An Individual Voluntary Arrangement isn’t suitable for everyone.

An IVA is a formal and legally binding contract, so a breach of terms could end in bankruptcy.
You will usually make payments for a longer period than you would in bankruptcy.
Your credit rating will be affected for up to 6 years after the approval of your IVA.
If there is some equity (value) in your home after taking account of the mortgage(s) on it, you will probably have to pay for your share, usually in the fifth year of your Individual Voluntary Arrangement, by remortgaging the property. If you can’t get a remortgage, you may have to continue making monthly or quarterly payments from your income, for up to another year

We’ll run through the advantages and disadvantages so you can make an informed choice, call us on: 0800 0329 386 or use our Confidential Online Chat for IVA advice.

Living in Scotland? The law dictates that you should use Trust Deed, instead of an IVA. A Trust deed is similar to an Individual Voluntary Arrangement. For more information on Trust Deeds, please click here.
To read more about our fees, please click here.